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Cryptocurrency activity is dynamic, and with over 2 million tokens in existence (and growing), it is difficult to know exactly which of these coins will be pumped and on which network. Admittedly, meme coins have been dominating the headlines, especially in Solana. From MooDeng to Bonk and Pepe, traders are watching.
Meme Coin Trader Loses $25 Million
Last week, all eyes were on the Sui Network, a modern blockchain network that claims to process more than 50,000 transactions per second (TPS) and is faster than Solana. The spike in activity stems from the success of what is arguably one of the largest coins in its ecosystem.
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After launching nearly six days ago, Sudeng (HIPPO) has been on fire, hitting impressive highs. The rise during this time has pushed HIPPO’s market capitalization, and thus higher liquidity, given swaps on the Sui Network’s decentralized exchange, Cetus 4.
Changing hands by more than $0.010 means that traders who got in early, choosing to use HODL and not worry about sell-offs in major markets like Bitcoin, could see their profits cut back. According to trackers, there is one meme coin trader to regret After exiting early, getting rid of the HIPPO for a small profit.
At launch, the trader sold 258 SUI, worth around $433 USD, for 1.8 billion HIPPO. This represents approximately 20% of the total supply of $10 billion. However, the trader chose to sell it all for 6,299 SUI days later, making nearly $11,000.
The problem is that if the trader had chosen to wait, even for another 36 hours, they would have made significant gains. As of October 4, HIPPO’s $1.8 billion value is worth more than $25 million.
A premature decision to sell has proven to be costly and represents a missed opportunity. However, the trader should not be blamed. The $11,000 earned represents more than 200 times profit.
Moreover, even if a trader holds out, becomes a diamond hand and waits for prices to rise, it will be difficult for the trader to exit all at once.
Hippo Concentration A Concern: Will You Use a Sudeng Pump?
The hippopotamus is not very fluid, and looks proprietary from it Swisscana single address controls more than 7.6 billion tokens, which is more than 76% of the total supply.
If the trader holds, the headline will be the second largest. Any attempt to sell would force prices lower, sparking panic as other bondholders scrambled for the exits.
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For now, traders will be closely monitoring HIPPO’s performance. As a meme currency, a lot depends on the hype and whether there is a fear of missing out (FOMO). If so, the meme coin will float higher, outperforming SUI, which is also relatively stable.
Featured image from DALLE, chart from TradingView